Have These Items Ready When You Apply For a Loan
The following is required for most standardized loans as part of alternate documentation processing. Items may differ according to whether your loan is a conforming (Fannie Mae or Freddie Mac), non-conforming (jumbo) loan, government loan, or a portfolio loan.
These are the things you need to supply to your lender to get a quick approval using alternate documentation:
INCOME ITEMS
˃ W2 forms for the last two years
˃ Pay stubs covering a 30 day period
˃ Federal tax returns (1040s) for the last two years, if:
- you are self-employed
- earn more than 25% of your income from commissions or bonuses
- own rental property
- or are in a career where you are likely to take non-reimbursed business expenses
˃ Year-to-Date Profit and Loss Statement (for self employed)
˃ Corporate or partnership tax returns (if applicable)
˃ Pension Award letter (for retired individuals)
˃ Social Security Award letters (for those on Social Security)
ASSET ITEMS
˃ Bank statements for previous two months (sometimes three) on all accounts. All pages.
˃ Statements for two months on all stocks, mutual funds, bonds, etc.
˃ Copy of most recent 401K statement (or other retirement assets)
˃ Explanations for any large deposits and source of those funds
˃ Copy of Closing Disclosure (CD) on recent sales of homes
˃ Copy of Estimated Closing Disclosure (CD), if a previous home is for sale, but not yet closed
˃ Gift letter (if some of the funds come as a gift from a family member)
˃ Gifts can also require:
- Verification of donor’s ability to make the gift (bank statement)
- Copy of the check used to make the gift
- Copy of the deposit receipt showing the funds deposited into bank account or escrow
CREDIT ITEMS
˃ Landlord’s name, address, and phone number (for verification of rental)
˃ Explanations for any of the following items that may appear on your credit report:
-Late payments
-Credit inquiries in the last 90 days
-Charge-offs
-Collections
-Judgments
-Liens
˃ Copy of bankruptcy papers if you have filed bankruptcy within the last seven years
OTHER
˃ Copy of purchase agreement (if you have already made an offer)
˃ To document receipt of child support (if you desire to show it as income)
˃ Copy of Divorce Settlement, if applicable, (to show the amount)
˃ Copies of twelve months canceled checks to document actual receipt of fund
FHA LOANS
˃ Copy of Social Security Card (or other documentation of social security number)
˃ Copy of Driver’s license
VA LOANS
˃ Copy of DD214
REFINANCES
˃ Copy of Note on existing loan
˃ Copy of Closing Disclosure (CD), on existing loan
˃ Name, address, phone number, loan number of existing loan/lender